The management of customer relationships for credit accounts continues to be challenging. It is difficult to know which customers drive value today and are likely to drive value in the future, as well as which actions will positively impact value. In general, customer relationship management challenges revolve around: (1) prioritization of customers; (2) setting objectives for each customer; (3) aligning programs/tactics to achieve the objectives; (4) balancing the short-term vs. the long-term; and (5) executing effectively. One goal of credit account management is to anticipate future behavior and profitability of an account based on current and past information regarding profitability and behavior. Characterizing current behavior and profitability is, however, difficult. Credit accounts can be used in many ways, and linking current behavior to profitability can be challenging. Similar behavior can lead to radically different profits in different accounts. Anticipating consumer behavior and profitability is also difficult. Many variables are involved, such as the customer, the account issuer, competitors, products, and environment. Even if behavior can be predicted, it is difficult to quantify the value of a behavior.
What is needed is a system that can address these challenges.